Dollar Slips Against Major Rivals In Asian Trading

The dollar slipped against major rivals in Asian trading Monday, pressured by stepped-up rhetoric from China, better-than-expected Japanese growth data and rising gold futures. Gold futures looked set to extend their gains from last week, as further weakness in the U.S. dollar helped fuel safe-haven buying. Gold is traded in dollars, so a weaker dollar makes it cheaper for investors holding other currencies. Therefore, a move in one often fuels an inverse move in the other. The dollar was also under pressure a day after China's chief banking regulator criticized loose U.S. monetary policy as leading to increased speculation. The yen, meanwhile, got a lift from better-than-expected Japanese gross domestic product data. GDP rose 1.2% in the quarter from the April-June period, or 4.8% on an annualized basis. Economists polled by Dow Jones Newswires had expected a 0.6% on-quarter increase and an annualized increase of 2.2% in the latest period. The dollar bought 89.54 yen, down from 89.72 yen in late North American trading Friday. The euro bought $1.4978, up from $1.4903 late Friday.